Yesterday, LX has a large upside spike making new all time highs following a rejection of the 20MA on the daily chart. Today, LX pulled back into a key level of support (Previous all time highs) and the 38.2% Fibonacci retracement level. I went long on this pull back after LX showed signs of strength intraday (Higher highs, higher lows).
Entry - 15.95
Stop loss - 15.50
Target 1 - 17.00
Target 2 - 18.25
Target 3 - 20.00
Entry - 15.95
Stop loss - 15.50
Target 1 - 17.00
Target 2 - 18.25
Target 3 - 20.00
Comment:
Daily chart for reference. Price clearly rejects 20DMA.
Trade closed: stop reached:
Stopped out RH. Looking back at this trade, I think I was too greedy. This is not normally a trade I would enter. In the future, I should be looking for setups on the Daily (Not the 30m timeframe) and use the 30m timeframe instead for entries & stop losses. Stop loss was also too tight on this trade.